A trademark is another term for a brand or a brand name, and it is a company’s identity. It can be any name, term, symbol, slogan, or other devices that identify and distinguish goods or services from others on the market. When you trademark your brand, you have the legal right to protect yourself and prevent others from using or attempting to use something similar enough to confuse customers.
Consumers are affected to some extent by trademarks and the reputation that such brands represent when making purchasing decisions. Businesspeople should grasp why trademarks are valuable assets and why they are necessary instruments for expanding their company’s brand.
Here are 5 reasons why trademarks are important for your brand.
- A Valuable Asset
Your trademarks will become more valuable to you over time. Your brand will become more valuable as your company’s reputation grows.
Trademarks have worth beyond your primary business and can aid in the expansion of your business into other industries, such as personal care to wearables. Your trademark may potentially lead to the acquisition of your company by a larger organization, which may or may not be of interest to you.
- An Effective Communication Tool
Trademarks can express intellectual and emotional traits and messages about you, your brand, and the reputation, goods, and services of your company. It is not necessary for your trademark to be a word. It could also be graphics that are recognizable in any language or alphabet.
If you can create an effective and memorable trademark, whether it’s a design or a slogan, you have a chance of being recognized globally and transcending language and geographic barriers.
- A Way to Help Customers Find You
The crowded and ever-growing marketplace makes it hard to distinguish one business from another. As has been mentioned before, the trademark is an efficient commercial communication tool and it helps to capture the attention of both current and potential customers. In short, trademarks are able to make your brand stand out from your competitors.
When customers see a trademark, they can immediately identify who they are dealing with. Customers will know the reputation of your brand and if it is good, they are less likely to look for alternatives. Your brand could be the critical factor in affecting a customer’s purchase decision.
- Impacting the Internet and Social Media
When people search for your goods and services, your trademark will be the first thing they type into a search engine or social media platform.
When your website or social media platform receives a lot of traffic, it will almost certainly result in higher rankings, which will lead to more traffic, consumers, and brand recognition for your company.
- An Inexpensive Protection
If you want to avoid large investments for expansion while still reaching a large audience, the trademark is a better option. A trademark has a ten-year protection period that begins on the date of filing. As a result, you’ll only have to renew your registration every ten years.
It’s also worth noting that trademark protection is territorial in nature, so if you register your mark in the Philippines, it’ll only be protected there.
Trademarks are a valuable resource. Before you spend a lot of money and effort developing a new brand and starting to promote and market it, you should do a trademark search first. This is to guarantee that the trademark you want to use is available for registration, that it doesn’t infringe on anyone’s rights, and that it doesn’t violate any laws.
Failure to conduct due diligence before adopting a brand might result in the Intellectual Property Office of the Philippines (IPOPHIL) denying registration or, worse, a cease and desist letter from another brand owner.
In a nutshell, having a trademark for your business is highly advised because it distinguishes your goods and services from those of others in the market. Keep in mind that the name and logo you choose should clearly identify and represent the core of your brand. It will not only safeguard your brand but will also help you establish a presence in the industry and with your consumers.